Woodward, which reported $1.87 billion in revenue in the fiscal year ended Sept. 30, expects the GE business to have $150 million in sales for the year ending in September 2013. The deal will also result in a slight profit bump for that year, Woodward said.

The deal fits with the company's recent growth efforts, said Jefferies & Co. analyst Howard Rubel. He predicted that buying the GE unit would add 3 to 4 cents per share to its net income in the first year after closing. Woodward posted earnings per share of $2.01 in its most recent fiscal year.